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Failing to meet requirements of bankruptcy, what now

What happens if mid way through bankruptcy, you change your mind or are not meeting the requirements (submitting reports, paying monthly fees). What happens to your file?

Posted from: British Columbia

One Response to “Failing to meet requirements of bankruptcy, what now”

A licensed trustee said...

At some point, if you don’t comply with your duties your trustee will simply close your file. You will still be an undischarged bankrupt, but you will no longer be protected from your creditors under bankruptcy law.

It is possible to have a bankruptcy annulled. You may either file a consumer proposal, which if accepted will annul your bankruptcy, or if you can prove to the Court you have repaid all of your debts in full you may ask the Court to annul it.

Otherwise, you will remain bankrupt until you meet all the requirements under the Act. There is no maximum time limit – it won’t go away…